CESR Members elected today Carlos Tavares, Chairman of the Comissão do Mercado de Valores Mobiliários at the CMVM, as Chair of CESR and Jean Guill, Director General of the Commission de surveillance du secteur financier (CSSF) as Vice Chair of CESR.
The election of Carlos Tavares, formerly the vice Chair of CESR and Jean Guill as Vice Chair, which becomes effective as of 1 August, will ensure a smooth transition for CESR as it prepares to become the European Securities and Markets Authority (ESMA), an EU authority, with increased powers.
Under the CESR Charter, the positions are held for two years, however, it is likely that the creation of ESMA, which is currently anticipated to take effect in January 2011, may result in a shorter term being served on this occasion.
CESR has been chaired by Eddy Wymeersch, Chairman of the Supervisory Board of the Belgian Commission Bancaire, Financière et des Assurances (CBFA), since February 2007.
Chair of CESR, Carlos Tavares noted:
"It is a great honour to chair CESR at such a significant moment in the history of the Committee. I would like to take this opportunity to thank Eddy Wymeersch, with whom I have had the great pleasure to work closely as Vice Chair of CESR. Eddy has steered the Committee with great wisdom through what have been challenging times in the regulation of securities markets, given the great turbulence we have experienced in financial markets over this period. Furthermore, we set ourselves the significant challenge to move CESR, from a Committee that had previously focused its efforts almost entirely on providing technical advice, to one where the emphasis of focus is now heavily on increasing convergence in day-to-day supervisory practices. A great deal has been achieved and yet more remains to be done as we approach the final hours in the adoption of deep reforms in the regulation of financial markets, such as the review the MiFID legislative framework, amongst others, and consider their effective implementation, along with the implementation of pan-European regulation of credit rating agencies. The work to ensure the smooth changeover of CESR's responsibilities to an enhanced and strengthened ESMA will require sustained efforts and I am confident that the internal work already underway will have stood us in good stead to prepare a speedy and seamless transition."
Vice Chair of CESR, Jean Guill confirmed:
"It is with great pleasure that I take up these new responsibilities as Vice Chair of CESR. Under the steady Chairmanship of Carlos Tavares, I am sure CESR will continue to press forward in developing convergence in supervisory practices and will continue to prepare effectively for the transition toward the new supervisory bodies, working closely with our sister Committees in banking and insurance respectively, CEBS and CEIOPS."